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Treasury empire crashes, in liquidation

Tuesday, October 09 12:31:56

Michael McAteer and Paul McCann of Grant Thornton were appointed Official Liquidators of Treasury Holdings and sixteen subsidiary companies by Justice McGovern in the High Court today.

One of Nama's top ten debtors, Treasury has total debts of E2.7 billion, including more than E1 billion with the State loans agency. The Liquidators will take control of the assets in Treasury Holdings immediately, they said.

Receivers previously appointed over specific assets will continue to manage and act over these assets, while the liquidators have a duty to all creditors and will be responsible for the unencumbered assets of the company.

"It is the intention of the Liquidators to ensure that management services provided by Treasury continue uninterrupted, and that the impact of their appointment is kept to a minimum. The Liquidators are making arrangements to meet all Treasury Holdings staff to brief them on the situation. The Liquidators will, as part of their statutory duties, prepare a report for the Court and present it at a further hearing in the near future," their statement said.

Today's move marks the official end of the global property empire set up by serial entrepreneurs, Johnny Ronan and Richard Barrett.

The move comes after the company said it was no longer resisting an application by KBC Bank to have the company wound up over a debt of about E55 million.

Treasury was behind landmark projects, including the five-star Westin and Ritz-Carlton hotels in Dublin and Wicklow, the Convention Centre in Dublin's docklands, and the Central Park and Spencer Dock office complexes in Dublin.

The hotels and offices will remain open as they are solvent despite the pending liquidation of the parent company. The Convention Centre is owned by the State.